The Fund seeks to provide maximum total return, consisting of capital appreciation and income, by investing at least 70% of its Net Asset Value in investment grade debt securities that are listed or traded on regulated markets in the U.S.

Return information presented is stated in U.S. Dollars and is calculated using the share class indicated above after all Fund operating expenses but before sales charges. The maximum sales charge for Class A Shares is 5.00% and 2.50% for Class E Shares. Class B Shares may be subject to a contingent deferred sales charge (“CDSC”) up to 5%, imposed on redemptions within the first five years after purchase. Class C Shares may be subject to a CDSC up to 1%, imposed on redemptions within the first year after purchase. Performance would have been lower if sales charges had been included. Investment return and principal value of an investment in the Fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. Total return data is as of the date indicated and reflects the reinvestment of distributions. Performance statistics are for the share class indicated only; return figures and other data for other classes of shares will vary. Cumulative returns and returns of less than one year are not annualized. The performance data shown represents past performance and is no guarantee of future results. It is not possible to invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

From 25 March 2019, the pricing of securities held in the Fund will use the mean (or mid) value of the bid and ask prices, to calculate the Fund’s Net Asset Values (“NAV”). The Fund previously used a bid price methodology for fixed income securities, and last traded price for equity securities.

Total Expense Ratio (“TER”): The TER represents the Fund’s actual operating expenses over the past 12 months as of the date indicated. The TER includes investment management fees, custody and administration fees, shareholder service fees, and other expenses. For those share classes which have not been active for an entire year the TER presented is annualized. The Gross Expense ratio reflects the Fund’s actual total expenses incurred and do not reflect any fee waivers and/or expense reimbursements. The Net Expense is the Gross Expense less the advisory fee waivers and/or expense reimbursements. Net Expense reflects the expenses being charged to the fund or share class and reflected in the Net Asset Value. The fee waivers and/or expense reimbursements are voluntary and can be eliminated at any time.

Performance shown includes periods prior to the Fund’s inception date, reflecting performance of a predecessor fund with a substantially similar investment objective and policy and whose assets were transferred into this Fund on the date indicated above. The performance data should be used for illustrative purposes only, as performance prior to the inception date has not been adjusted to reflect the higher fees of the Fund.

Investment Risks

Fund Facts

Fund inception date

Share class inception date

Predecessor Fund inception date

Benchmark

Domicile

Base Currency

Distribution frequency

Annual management fee (%)

Total Expense Ratio (%)

Total expenses ratio (gross %)

Total expenses ratio (net %)

Daily Statistics

As of

Daily Statistics data is not available for selected share class

NAV

-

Change

-

% Change

-

12-month high

-

12-month low

-

Total AUM (in millions)

-

Fund codes

Fund Codes data is not available for selected share class

ISIN

Bloomberg

CUSIP

SEDOL

Three-Year risk statistics (Annualized)

As of

Three Year Risk Statistics data is not available for selected share class

Risk adjusted alpha

Beta

Standard deviation (%)

Information ratio

Tracking error (%)

R-Squared (%)

Sharpe ratio

Sharpe Ratio: A risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the sharpe ratio, the better the fund’s historical risk-adjusted performance. Tracking Error: Dispersal of differences between the returns obtained by the Fund and the benchmark variation.Information Ratio: The ratio of annualized expected residual return to residual risk.Risk adjusted alpha: A measure of performance vs. a benchmark on a risk-adjusted basis. A positive alpha of 1.0 means the portfolio has outperformed its benchmark index by 1%. Correspondingly, a similar negative alpha would indicate an underperformance of 1%.Beta: Measures the sensitivity of the fund to the movements of its benchmark.R-Squared: Measures the strength of the linear relationship between the fund and its benchmark. R-Squared at 100 implies perfect linear relationship and zero implies no relationship exists.Standard Deviation: Measures the risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk.

Portfolio Characteristics

Portfolio Statistics

As of

Number of Holdings

Current Yield (%)

Effective Duration

Yield to Worst (%)

Cash Flow Yield (%)

Weighted Average Life

Percentage of Top 10 Holdings (%)

Sector Allocation (%)

As of 04/30/2019

Mortgage-Backed Securities

39.84

Corporate - Investment Grade

25.93

Governments

16.40

Emerging Market

9.14

Bank Loans

3.23

Corporate - High Yield

1.86

Asset-Backed Securities

1.76

Inflation Protected Securities

1.49

Cash & Cash Equivalents

0.36

Currency Exposure (%)

As of 04/30/2019

US Dollar

87.41

Canadian Dollar

4.05

Mexican Peso

3.87

Brazilian Real

2.95

Indonesian Rupiah

1.43

Russian Ruble

1.39

Indian Rupee

0.97

British Pound

0.68

South African Rand

0.19

Australian Dollar

0.11

Argentine Peso

0.10

New Taiwan Dollar

0.01

Colombian Peso

(0.01)

China Offshore Renminbi

(0.12)

Euro

(0.46)

Philippine Peso

(0.72)

Chinese Yuan Renminbi

(1.85)

Credit Quality Breakdown (%)

As of 04/30/2019

AAA

53.85

AA

3.42

A

17.52

BBB

12.55

BB

6.04

B

2.16

CCC

0.53

CC

0.57

C

0.31

D

0.03

Not Rated

2.65

Cash & Cash Equivalents

0.36

Country Allocation (%)

As of 04/30/2019

United States

82.66

Mexico

2.33

United Kingdom

2.17

Brazil

2.07

France

1.05

Switzerland

1.01

Open Ended Investment Companies

0.94

Netherlands

0.90

Russia

0.85

Belgium

0.67

Indonesia

0.54

Argentina

0.46

Italy

0.38

Ireland

0.36

Canada

0.32

Spain

0.29

Qatar

0.26

Australia

0.26

Israel

0.22

United Arab Emirates

0.22

China

0.21

Denmark

0.20

Colombia

0.19

Macau

0.15

Poland

0.14

Kuwait

0.13

Morocco

0.11

Peru

0.08

Germany

0.07

Luxembourg

0.07

Egypt

0.07

South Africa

0.06

Japan

0.06

Finland

0.05

Ecuador

0.04

Kazakhstan

0.03

Nigeria

0.03

Cash & Cash Equivalents

0.36

Percentages are based on total portfolio as of date displayed and are subject to change at any time. Holdings and allocations breakdowns are provided for information purposes only and should not be deemed a recommendation to buy or sell the securities mentioned or securities in the industries shown. Due to rounding totaled percentages may not equal 100%.

A negative cash position may be apparent, which is primarily due to the Fund’s unsettled trade activity. This is a more concise approach to defining the cash position and it best represents sector exposures in the Fund.

Portfolio holdings are subject to change at any time without notice. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security. The summation of the "Total Net assets %" may not equal 100%. Any difference is due to the portfolio's allocation to cash and cash equivalents.

Derivatives, if any, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.

The Funds are a sub-fund of the Legg Mason Global Funds plc, an umbrella fund, with segregated liability between sub-funds, established as an open-ended investment company with variable capital and incorporated with limited liability under the laws of Ireland with registered number 278601. It qualifies, and is authorized in Ireland by the Central Bank of Ireland as an undertaking for collective investment in transferable securities.

All investments are subject to risk including the loss of principal. Investors should consider the fund's investment objectives, risks, charges and expenses carefully before investing. Find this and other information in each fund's prospectus on the Literature page of this website. Read it carefully before investing.

It is the responsibility of the dealer to ensure that the offering and sale of fund shares complies with relevant national law. Fund shares may not be sold to citizens or residents of the United States or in any other state or jurisdiction where it would be unlawful to offer, solicit an offer for, or sell the shares. Residents of the domicile of the fund family may not be eligible to purchase the Fund. This document is neither intended to be, nor constitutes, a public offering to sell shares of any mutual fund.

This website is not intended to be accessed or used by members of the general public. This website has been created for and intended for informational purposes and should be accessed or used only by investment professionals of the sub-funds of Legg Mason Global Funds plc (collectively, the "Funds").

It is the responsibility of the dealer to ensure that the offering and sale of fund shares complies with relevant national law. Fund shares may not be sold to citizens or residents of the United States or in any other state or jurisdiction where it would be unlawful to offer, solicit an offer for, or sell the shares. This website is neither intended to be, nor constitutes, a public offering to sell shares of the Funds.

Please read carefully these terms and conditions (the "Terms") before proceeding to access and use this website. By accepting these Terms, you confirm that you agree to be bound by and comply with these Terms in your access and use of this website.

Introduction

1.0 A brief introduction about this website

The following information is important and is for your protection. This website is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. Nor does this website constitute an offering or recommendation by Legg Mason Investor Services, LLC ("LMIS") or any of its affiliates described herein of any security, investment management service, or advisory service. No investment advice, tax advice, or legal advice is provided through this website, and you agree that this website will not be used by you for these purposes. No representation is given that the securities, products, or services discussed on, or accessible through, this website are suitable for any particular investor. You acknowledge that your use of this website and requests for information are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice.

This website should not be considered as communicating any invitation or inducement to engage in investment activity.

1.1 Who is the operator of this website?

This website is owned and operated by LMIS, which is a wholly owned subsidiary of Legg Mason, Inc. ("Legg Mason") a U.S.-based financial services holding company whose shares are listed and traded on the New York Stock Exchange, Inc. LMIS is the distributor of the Funds in the Americas.

General terms and conditions of using this website

2.0 What funds are covered by this website?

All the information on this website is approved for publication by LMIS and includes information about the following fund ranges:

Legg Mason Global Funds plc is an umbrella fund with segregated liability between sub-funds, established as an open-ended, variable capital investment company incorporated with limited liability under the laws of Ireland and with registration number 278601.

Yes. This website may also cover information on certain investment managers depending on the jurisdiction in which you are based.

Each of the investment management companies described in this website is affiliated with LMIS through common control and ownership by Legg Mason. LMIS provides its clients with access to such affiliates primarily through the Funds, to which such affiliates serve as investment manager or sub-investment manager.

2.2 What do I need to know about the accuracy of information contained within this website?

No warranty is made in respect to the information contained in this website. LMIS believes that the information contained and opinions expressed in this website are accurate at the date of publication. The net asset values per share provided for the Funds in this website are indicative only and should not be relied upon for dealing purposes.

2.3 Does this website offer financial advice?

No. Nothing contained within this website should be construed as investment advice or an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. An investment in any of the Funds mentioned in this website may not be suitable for all investors. Investment in any of the Funds should only be made on the basis of the relevant prospectus.

2.4 What are some of the principal risks of investing in a Fund?

Past performance is no guide to future returns. Please note that the price of shares and the income from them can fall as well as rise and you may not get back the amount originally invested. Income receivable may vary from the amount of income projected at the time of making the investment.

Exchange rate fluctuations may affect the value of an investment and any income derived from it.

There can be no guarantee that the tax position or proposed tax position prevailing at the time of an investment will not change.

Dividends and capital gains on securities held by the relevant Fund may be subject to withholding taxes imposed by the countries in which the Fund invests, thereby reducing the Fund’s return.

The above describes only some of the risks of investing in a Fund. Please read the relevant prospectus for a particular Fund for all the relevant risk factors pertaining to an investment in that Fund. You are encouraged to print and retain a copy of the prospectus, which are available on this website.

2.5 Is the range of funds on this website available to "US Persons?"

No. None of the Funds are registered as investment companies in the United States under the U.S. Investment Company Act of 1940, as amended, and none of the shares of such Funds are registered under the U.S. Securities Act of 1933, as amended ("Securities Act"). Shares of the Funds are not available for purchase by any "U.S. Person" as that term is defined under Regulation S of the Securities Act.

The information provided on this website is not intended for distribution to, or use by, any person or entity in the United States, or in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject any of the Funds, LMIS, any affiliate of LMIS, or any of their products or services, to any registration, licensing or other authorization requirement within such jurisdiction or country.

Nothing on this website shall be considered a solicitation to buy or sell a security, product or service (including advisory service) to any person. LMIS does not claim that the Funds described herein or any products or services referenced on this website are available in any particular jurisdiction or appropriate for any particular investor. You are accessing this website on your own initiative and without invitation, and you are responsible for compliance with any applicable local laws.

2.6 Does this website include content from third-party providers other than Legg Mason and its affiliated companies?

Yes. Through this website, you may have access to market data such as news reports, third-party analyst reports, research, last-sale transaction data, securities price quotations, and other information relating to securities and the securities markets ("Market Data"). LMIS may obtain this Market Data from third parties who are independent of LMIS. Even though the sources of the Market Data provided on this website are believed to be reliable, LMIS is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the Market Data.

The Market Data is provided "as is" and on an "as available" basis. LMIS will not be responsible for lost profits, trading losses, or any other damages resulting from inaccurate, defective, or unavailable Market Data or other information. LMIS is not obligated to update or to continue to offer Market Data or other information accessible through this website.

2.7 Important information about liability

LMIS makes no warranty or representation that the website can be accessed at all times. The website may, without notice, be temporarily unavailable or restricted for administrative or other reasons.

You will indemnify LMIS (including its affiliated or associated companies) and their officers, directors, employees and agents in respect of any third-party claim for any injury, loss, damage or expense occasioned by or arising directly or indirectly from the operation, use or supply of information to a third party provided in breach of any of your obligations under these Terms.

If you transmit any communication through this website to LMIS directly or through any third-party internet or other service provider, you shall be responsible and liable for any omissions or failures that may be made while transmitting or receiving communications using this website. This website is not designed for the transmission of time-sensitive instructions - this means that if you use this website to transmit time-sensitive instructions, you will be responsible and liable for any loss that may arise, and you transmit such time-sensitive information at your own risk.

2.8 Intellectual property

LMIS owns the copyright and any other intellectual property rights subsisting anywhere in the world to the information on this website. You may not copy, reproduce, duplicate, modify, adopt or lend, sell, disseminate or otherwise transfer, in whole or in part, any of the information contained in the website, except for the purpose of accessing the site and producing print-outs for your own personal use. You may not take any action to create an impression of affiliation, sponsorship or endorsement between any user and/or website and Legg Mason or the Funds.

We do not recommend or endorse and accept no responsibility for the content of any website not operated by LMIS which you may visit by following a link from this website. No other website, without the prior written permission of LMIS, is authorized to link to any part of this website.

Please note that if you telephone LMIS, calls may be monitored or recorded.

Other information

3.0 Changes to content within the website

We reserve the right, in our sole discretion, to change, modify, add or remove portions of these Terms at any time without notice to website users. Similarly, we reserve the right, in our sole discretion, to change, modify, add or remove the content of this website. You must check these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be effective upon posting on this website. If you access this website after we post changes to the Terms, you accept the Terms as changed.

3.1 Privacy policy and data protection

Your privacy is very important to LMIS. To the extent any information you provide or which we obtain from this website constitute personal data, we have set procedures for the use of that information.

You consent to the processing by LMIS of personal information submitted by you and/or created in the course of the business relationship with LMIS and to the transmission of this data to other companies with the Legg Mason Group or to third party service providers, with whom we have contracted to hold and store data from time to time, for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise LMIS by e-mail or in writing.

3.2 Cookies and Web Beacons

Our practices concerning information gathered during online sessions are explained below. These practices are consistent with and remain subject to our general Privacy Policy stated above.

Our website utilizes a variety of technologies (such as cookies and web beacons) to collect, store, and aggregate data about usage and browsing patterns. These technologies help us analyze and tailor the site for all users and better understand how our site is used.

Except as noted herein, we do not have any personally identifiable information about you unless you choose to give us such information during an online session. If you do give us personal information during your session, we will collect that information and use it to service your request and as otherwise described in this Privacy Policy.

If you are an authorized user of our website who has enabled online access for your account(s), we collect all information that you submit through an online session, such as a transaction you have requested us to make. In this manner, your general usage patterns and other information noted above would be linked to you specifically.

3.3 Governing Law and Severability

These Terms will be governed and construed under the laws of the State of Maryland, USA without regard to is conflict of law principles, regardless of whether you reside in Maryland or conduct business with LMIS in Maryland or elsewhere. Nothing in these Terms creates any rights or protections other than those to which you are already entitled by law. If any part of these Terms if held invalid or unenforceable, that part will be deemed modified as necessary to make it effective, and the remaining provisions of these Terms will remain in effect.

For Investment Professionals

This section of the website is designed for the use by professional investors only and is not intended for use by private investors. The information contained in this section may not necessarily represent the views of LMIS and although prepared from sources believed reliable, it is not guaranteed by us and may not be a complete summary or statement of all available data, nor is the information an invitation for an offer to buy or sell any securities referred to herein. Opinions expressed are subject to change without notice.

I am authorized to conduct investment business in the jurisdiction(s) in which I am resident and/or conducting business, and under the laws of such jurisdiction(s), I am authorized to handle material relating to investments, investment views and research made available to professional investors only.